A few months ago, a group of Stanford graduates, Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip, launched a social cryptocurrency dubbed Pi Network. While the aforementioned cryptocurrency is launched only a few months ago, the creators of Pi Network claim that it dominates bitcoin in environmental aspects.
Clarifying the point, McPhillip who is acting as Pi’s head of community elaborated that bitcoin was dependent on bitcoin mining which is not an environment-friendly process. He explained as large amounts of carbon dioxide were emitted during mining, the impact of bitcoin mining on the environment was quite drastic.
Besides its effect on the surroundings, McPhillip also told that bitcoin mining was expensive as miners had to deploy high computing powers which in turn means high electricity consumption to mine bitcoin. In this regard, his exact words were:
Bitcoin’s proof-of-work consensus protocol relies on nodes using lots of electricity in competition to be the first to solve a math equation.
Than putting forward the benefits of Pi Network, he stated that Pi was built on another consensus algorithm, Stellar Consensus Protocol (SCP). Further describing SCP, McPhillip explained that several nodes voted on Pi’s Network to validate a transaction.
A few months ago, a group of Stanford graduates, Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip, launched a social cryptocurrency dubbed Pi Network. While the aforementioned cryptocurrency is launched only a few months ago, the creators of Pi Network claim that it dominates bitcoin in environmental aspects.
Clarifying the point, McPhillip who is acting as Pi’s head of community elaborated that bitcoin was dependent on bitcoin mining which is not an environment-friendly process. He explained as large amounts of carbon dioxide were emitted during mining, the impact of bitcoin mining on the environment was quite drastic.
Besides its effect on the surroundings, McPhillip also told that bitcoin mining was expensive as miners had to deploy high computing powers which in turn means high electricity consumption to mine bitcoin. In this regard, his exact words were:
Bitcoin’s proof-of-work consensus protocol relies on nodes using lots of electricity in competition to be the first to solve a math equation.
Than putting forward the benefits of Pi Network, he stated that Pi was built on another consensus algorithm, Stellar Consensus Protocol (SCP). Further describing SCP, McPhillip explained that several nodes voted on Pi’s Network to validate a transaction.
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